Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

Jokowi to boost Indonesia抯 exports to non-traditional markets

President Joko "Jokowi" Widodo has urged the Trade Ministry to sell Indonesian products to non-traditional markets due to the sluggishness of exports to traditional markets."I have asked the trade minister to penetrate non-traditional markets, instead of just focusing on the old ones, said President Jokowi after opening Trade Export Indonesia 2015 in Jakarta on Wednesday.

Jokowi encouraged export-oriented, labor-intensive industries, particularly from the micro and small business sectors, to penetrate those new markets.The government has already cut micro-loan (KUR) interest rates from 22 percent to 12 percent, aiming to boost micro and small business according to Jokowi."Indeed, in the future we aim to develop labor-intensive industries that are focusing on exporting," he asserted.

The 2015 trade expo booths will feature presentations by companies from various sectors, including manufactured, goods and services, furniture and furnishings, food and beverages, agriculture and lifestyle.Some 2,000 Indonesian companies are offering their products to at least 14,200 buyers from 119 countries at this event, said Trade Minister Thomas Lembong.

According to Thomas, on its first day, the expo saw contracts signed between seven exporters and 5 buyers worth a total of more than US$8 million, adding that most buyers are from non-traditional markets, such as Nigeria, Bangladesh, and Saudi Arabia.

“This in line with the government's plan to expand our exports to non-traditional markets. Our export growth to these countries is quite large, although total export value is still not as big as to our main export destinations,” he said.In an effort to boost exports to non-traditional markets, Thomas said his ministry would be optimizing its marketing to attract potential buyers and investors via the overseas office of the Indonesian Trade Promotion Center (ITPC) and co-operation with the Foreign Affairs Ministry.

The ministry expects to take at least US$1 billion in transactions at the expo, which is slightly lower than last year’s achievement of US$1.42 billion. Last year saw $814 million worth of goods purchased, $105 million in services and $500 million in investment.